A near doubling in first quarter dry bulk rates could not prevent Star Bulk Carriers from starting the new financial year in the red.
However, the Petros Pappas-led bulker owner was able to significantly reduce its losses to $15.8m versus the $48.8m seen a year ago.
Star Bulk saw total net voyage revenues increase to $49.9m, compared to $26.7m for the first quarter of 2016.
